REG-2025 full year financial results
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Reykjavík, March 26, 2026 (GLOBE NEWSWIRE) -- (“Amaroq” or
the “Company”)
2025 full year financial results
2025 - A year of strong strategic and operational progress
26 March 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an
independent mine development company focused on unlocking Greenland’s
mineral potential, is pleased to announce its Q4 and FY 2025 Financial
Results. All dollar amounts are expressed in Canadian dollars unless otherwise
noted.
A remote presentation for investors and analysts will be held this morning at
09:00am GMT, with a recording of the meeting available on the website
thereafter, using the following link: https://edge.media
server.com/mmc/p/q5t78z4f
Eldur Olafsson, CEO of Amaroq, commented:
“2025 was a decisive year for Amaroq and I am very pleased with the progress
made throughout the period; completing the Phase 1 commissioning at our
Nalunaq gold mine and achieving our year end production guidance of 6-7koz of
gold. I am also pleased to say that gold production year to date in 2026, is
in line with management expectations and aligned with the H1 2026 production
guidance range of 7-10koz, and we reiterate our previously announced FY2026
production guidance of 25-35koz of gold. Following the completion of the Phase
2 flotation circuit in Q2 2026, total recoveries at Nalunaq are anticipated to
increase up to 90-95%.
“We are also announcing this morning that we are finalising an agreement for
a USD35 million expansion of our existing USD35 million revolving credit
facility, doubling the total facility size to USD70 million, expected to be
signed in the near term. In addition to the doubling of the facility size, the
interest margin is expected to decrease, reducing our cost of funding and
providing greater flexibility. Together with cash flows from our operations,
this will significantly strengthen our balance sheet.
“Following funding discussions with third parties regarding our Suliaq ApS
support services and logistics business, we are pleased to announce that EIFO,
the Danish state-backed investment fund and one of the Company’s largest
shareholders, has completed an initial screening and expressed significant
preliminary, nonbinding interest in potentially participating in the future
financing of Suliaq, together with selected Greenland-based partners, as we
seek USD20-35m in new equity finance for the Suliaq subsidiary. Once
completed, this will enable Suliaq to order additional rigs and equipment,
enabling the Company to accelerate its exploration of prospective mineral
targets and drive further shareholder value.
“Across our wider portfolio, we have a significant exploration programme
planned for 2026, including resource drilling at our potentially world-class
Nanoq gold project, alongside updates to feasibility studies at Black Angel,
the zinc-lead-silver mine, where potentially commercial levels of germanium
and gallium have recently been identified.
“We have started 2026 with momentum and confidence - our strategy is clear;
deliver strong gold production at Nalunaq as it enters its first year of
steady state production and unlock the resource potential across our portfolio
of gold and strategic mineral assets in South and West Greenland. In the wider
portfolio, we will also continue to develop our ‘enabler’ businesses to
support efficient operations in Greenland.”
FY25 Financial and Corporate Highlights
* Total revenue of $27 million (2024: $0m) from total gold sales of
5.31koz(1).
* Gross profit of $11.1 million and operating loss of $18.2 million.
* Capital assets of $252.7 million as at December 31, 2025 ($221.9m as at
September 30, 2025).
* Gold inventory of $15.8 million as at December 31, 2025 ($11.0m as at
September 30, 2025).
* Cash balance of $21.5 million as at December 31, 2025 ($55.3 million as at
September 30, 2025).
* Oversubscribed $83 million fundraise completed in June 2025.
* In December 2025, the Company announced the completion of the acquisitions
of the Black Angel mine and Kangerluarsuk licences to create its West
Greenland Hub.
2025 Operational Highlights
* Full year production of 6.35koz(1) of gold, in line with guidance and
throughput of 300 t/d was achieved by year end, on plan.
* During 2025, underground mine development and process plant commissioning at
the Nalunaq gold mine, resulted in 97% of Phase 1 work completed and all
critical path items for the delivery of Phase 2 in place.
* As of October 1, 2025, Nalunaq transitioned to a fully owner-operated mining
model, assuming full operational control and decision-making responsibility
for all underground mining activities. The Company has invested in its own
underground mining fleet, which is expected to be largely delivered and
commissioned by the end of Q1 2026. The move to owner operator, saw a
significant increase in productivity in all areas of the mine, with further
optimisation work ongoing.
* 2025 Nanoq drilling programme confirmed significant gold copper
mineralisation, with consistent grade within multiple stacked zones and
identification of identical, parallel structures and intersections of up to
187.4 g/t Au over 1.5m1 and up to 1.1% Cu over 0.5m2 at shallow depths,
confirming a potentially world class deposit and future gold project.
* In November 2025, the Company announced results from re-assayed bulk samples
from the Black Angel mine, averaging 24.6% zinc, 28.1% lead and 295 g/t silver
with potentially commercial levels of germanium and gallium and cadmium also
identified.
* On 4 December 2025, the Company announced the results of its 2025 drilling
programme at Nalunaq. Of the 2,127m of underground resource conversion
drilled, 62% of this intersected mineralised Main Vein, with a weighted
average grade of 87.6g/t Au, verifying higher grades than the resource model
predicted.
Post-period end highlights included:
* On January 8, 2026, the Company announced the award of the Final Impact
Benefit Agreement for the Nalunaq gold mine.
* On January 21, 2026, the Company announced exploration results from the 2025
field campaign at its Minturn IOCG prospect; Identifying high-grade iron
assays from surface samples, including iron grades up to 69.5% Fe,
underscoring the presence of a significant iron-oxide core within the system.
* On February 18, 2026, the Company reiterated its intention to upgrade its
London Stock Exchange listing to the Main Market, appointing Citigroup Global
Markets Limited to act as sponsor and financial adviser.
* On March 19, 2026, the Company completed the voluntary delisting of its
common shares from the TSX Venture Exchange (the “TSXV”).
* On March 20, 2026, the Company received the signed approval of the Final
Mine Plan and Closure Plan for the Nalunaq Licence from the Government of
Greenland.
2026 Outlook
* FY2026 gold production from Nalunaq is estimated to be between 25-35koz, as
announced on February 25, 2026. Production and sales are expected to be
back-end weighted in 2026, as flotation recoveries (as part of Phase 2) are
fully introduced by H2 2026.
* Gold production to date is in line with management expectations and aligned
with the H1 2026 production guidance range of 7-10koz.
* Construction and associated work for Phase 2 flotation recovery at Nalunaq
is on schedule for start-up commissioning in Q2 2026.
* Targeting full year cash cost of operations of USD44-47m and all-in
sustaining cost (“AISC”) of USD69-73m.
* Increased gold production in H2 2026, as well as an anticipated reduction in
costs, driven by transition from contractor to owner-operator model, including
drilling, processing plant and camp support functions; resulting in unit costs
being lower in H2 2026 relative to H1 2026, with Q4 2026 AISC expected to be
within a range of USD1,250-1,450 per oz.
2026 Exploration Programme
* Total planned exploration expenditure across the portfolio with a base case
of USD11m, with the ability to increase up to USD29m to accelerate exploration
programme subject to market conditions.
* West Greenland Hub & Black Angel – The Company plans to conduct the
rehabilitation of all surface facilities, the updating of various technical
feasibility studies, targeting a Phase 1 mining operation in 2028 and
commencing resource growth exploration programmes towards future Phase 2
mining operations.
* Nanoq – the Company intends to initiate a phased resource development
strategy in 2026. The first phase will focus on systematic drill testing of
the Central Zone with the objective of establishing the geological continuity
and data density required to underpin a Maiden Mineral Resource Estimate. The
Company will in parallel look to improve surface logistics on site to
facilitate further phased exploration in 2027 and beyond.
* Nalunaq – The Company intends to conduct parallel underground resource
definition and exploration programmes aimed at providing progressive resource
replacement to the mining operation.
* Satellite Gold Targets – Regional exploration within the Nanortalik Gold
belt will continue to target the Company’s next significant gold resource
discovery.
* Minturn IOCG – Following the identification of a Mineral System of
significant scale, the Company intends to conduct surface geophysical work and
a scout drilling programme, to assess the scale of the mineralisation and
potential economics of the target.
* Ilua REE – The Company intends to mobilise a field team to the Nunarsuit
licence to further delineate the scale of the REE hosting pegmatite systems
and to conduct initial scout drilling to understand depth potential and
volumetrics.
* Stendalen – Following further assessment of geological and geophysical
data, the Company will continue to develop additional drill sites targeting
potential sulphide traps and is reviewing options to action these during the
upcoming season.
Suliaq ApS – advancing financing discussions for the services and logistics
company
In May 2025, the Company announced the establishment of Suliaq ApS
(“Suliaq”), a dedicated services company formed to provide essential
services, supplies, and supporting assets to Greenland’s rapidly expanding
mining sector. Suliaq’s strategic focus encompasses mining services,
maritime operations, logistics, infrastructure, consumables, and support for
exploration activities.
Following the Company’s announcement in February 2026, that it had entered
into discussions with third-party investors, substantial progress has been
made towards securing independent equity financing for Suliaq in the range of
USD20-35m. EIFO, the Danish state-backed investment fund and one of the
Company’s largest shareholders, has completed an initial screening and
expressed significant preliminary, non-binding interest in potentially
participating in the future financing of Suliaq, together with selected
Greenland-based partners. Any such participation remains subject to
comprehensive due diligence, internal governance processes, and agreement on
final terms.
The Company will continue to provide updates as Suliaq advances towards
operational launch, secures additional financing and expands its service
offering, with a targeted financing close in Q2/Q3 2026.
Expansion of revolving credit facility and reduced margin
The Company is finalising an agreement for a USD35 million expansion of the
existing USD35 million revolving credit facility, doubling the total facility
size to USD70 million, expected to be signed in the near term. Currently,
USD28.5 million has been drawn under the existing facilities. The proposed
amendments are intended to enhance liquidity and reduce the overall cost of
debt as operating performance improves. Further details will be provided once
the revised terms have been finalised. There can be no certainty that the new
RCF or terms set out here will be entered into.
Management appointment
The Company is also pleased to announce that it has strengthened its
operational team in Greenland, with the appointment of Dr. Paul Smallbone as
General Manager of the Nalunaq mine. Paul has over 35 years of experience in
the mining and metals industry, specialising in mine operations, engineering,
and geology. He previously served as General Manager of the Vareš mine in
Bosnia and Herzegovina, where he oversaw operations and led the site into
commercial production.
Previous to this, he has held several progressively senior operational
management roles at Regis Resources, where he led operations at the Duketon
Gold Complex, Mineral Resources Limited, Cliffs Natural Resources, Evolution
Mining, Barrick, and others, where he focused on mining and processing
operations for precious and base metals, implementing production and safety
management systems to improve operational efficiencies.
Dr. Smallbone has a strong engineering background, holding a Ph.D. in
Geomechanics as well as a BSc in Exploration and Mining Geology from Cardiff
University / Prifysgol Caerdydd, UK.
Appointment of corporate broker
The Company has appointed Citigroup Global Markets Limited as joint corporate
broker alongside Canaccord Genuity and Panmure Liberum.
Details of analyst and investor presentation
A webcast for analysts and investors will be held this morning at 9:00am GMT,
including a management presentation and Q&A session. To join the meeting,
please register at the below link: https://edge.media
server.com/mmc/p/q5t78z4f
Notice of Capital Markets Update
On 13 May 2026, following publication of Q1 2026 results, the Company plans to
hold a Capital Markets Update for investors and sell-side analysts to provide
detail on strategy, operations and growth initiatives, with further
information on the timing to be announced in due course.
Financial Results
Period ended Dec 31, 2025 Twelve months Twelve months
2025 2024
$ $
Financial Results
Revenue 26,984,361 -
Cost of Sale (15,280,034) -
Selling, refining and royalty costs (627,146) -
Gross Profit 11,077,181 -
Exploration and evaluation expenses (10,911,234) (2,882,092)
General and administrative expenses (18,957,075) (17,521,730)
Loss on disposal of capital assets (253,269) (149,916)
Gain on lease modification 55,323 -
Foreign exchange gain (loss) 889,978 907,890
Interest income 741,658 1,188,104
Gardaq project management fees 2,496,884 2,453,361
Share of net losses of joint arrangement (2,124,689) (8,590,498)
Loss on liability derecognition (307,263) -
Unrealised gain (loss) on derivative liability - 1,722,682
Finance costs (1,308,479) (583,939)
Net loss and comprehensive loss (18,600,985) (23,456,138)
Basic and diluted loss per share (0.044) (0.071)
Financial Position
As at
December 31, 2025 December 31, 2024
$ $
Financial Position
Cash 21,546,829 45,193,670
Inventory 25,608,108 10,182,744
Investment in equity-accounted joint arrangement 12,777,624 14,902,313
Total assets 354,522,908 255,976,986
Total current liabilities 20,546,306 46,973,753
Total non-current liabilities 53,862,252 7,845,657
Shareholders’ equity 280,114,350 201,157,576
Working capital (before convertible notes liability and loan payable) 46,600,441 47,525,515
Working capital (loan payable included) 46,600,441 18,903,783
Gold business liquidity 10,100,069 50,860,477
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com
Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000
Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 20 7986 4000
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980
Further Information:
About Amaroq
Amaroq’s principal business objectives are the identification, acquisition,
exploration, and development of gold and strategic metal properties in South
Greenland. The Company’s principal asset is a 100% interest in the Nalunaq
Gold mine. The Company has a portfolio of gold and strategic metal assets in
Southern Greenland covering the two known gold belts in the region as well as
advanced exploration projects at Stendalen and the Sava Copper Belt exploring
for Strategic metals such as Copper, Nickel, Rare Earths and other
minerals. Amaroq is continued under the Business Corporations Act (Ontario)
and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.
Glossary
Au gold
g grams
g/t grams per tonne
km kilometres
koz thousand ounces
m meters
MRE3 Mineral Resource Estimate 2022
MRE4 Mineral Resource Estimate 2024
oz ounces
t tonnes
t/d Tonnes per day
t/m (3) tonne per cubic meter
USD/ozAu US Dollar per ounce of gold
Inside Information
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").
Qualified Person Statement
The technical information presented in this press release has been approved by
James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered
Geologist with the Geological Society of London, and as such a Qualified
Person as defined by NI 43-101.
(1) Includes 1,009 ounces of gold poured on 1 January 2026 to capture
efficiencies in the pouring process. The difference from the preliminary
year-end production of approximately 6.6koz, as reported on 8 January 2026,
reflects the final settled quantity following post-assay reconciliation
between the mine and the Swiss refinery.
Attachment
* AUDITED CONSOLIDATED FINANCIAL STATEMENTS
(https://ml-eu.globenewswire.com/Resource/Download/36312b69-046b-40c8-8e75-ff20bbdb273d)